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Westpac to face court over ‘misleading’ CCI By Annie Kane 09 April 2021
The financial services regulator is taking Westpac to court over allegations it supplied consumer credit insurance to certain customers when they had not requested or agreed to buy it.
The Australian Securities & Investments Commission (ASIC) has commenced civil penalty proceedings in the Federal Court against Westpac Banking Corp, over allegations that it mis-sold consumer credit insurance (CCI) with some credit cards and lines of credit in 2015.
Westpac has not sold CCI products since 2019, after an ASIC investigation warned that the design and sale of consumer credit insurance (CCI) had “consistently failed consumers” and stated that CCI was poor value, its sales practices and product design caused consumer harm and consumers wer
Catch up and get informed with this week’s content highlights from Charlotte McLeod, our editorial director.
For the first time in awhile, it’s safe to say it’s been a week of clear upward momentum for gold. After starting the period around US$1,730 per ounce, the yellow metal was trading at about US$1,745 at the time of this writing on Friday (April 9) afternoon.
Gold’s price increase came alongside the release of the US Federal Reserve’s latest meeting minutes on Wednesday (April 7). The central bank’s comments, which relate to its mid-March meeting, indicate that it remains committed to supporting the economy and currently has no plans to raise interest rates.
ASIC takes Westpac to court over credit card insurance
Australia s financial watchdog has commenced proceedings against Westpac in the Federal Court over claims it mis-sold insurance on credit cards to customers who had not agreed to buy it.
The Australian Securities & Investments Commission (ASIC) today kicked off the civil penalty case by alleging that the big four bank had not been transparent with customers about its consumer credit insurance or CCI.
Consumer Credit Insurance provides cover for a customer if they are unable to meet their credit card repayments due to certain reasons, such as unemployment or sickness.
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LONDON BRIEFING: ASOS and Dunelm see lockdown online sales boom
Thu, 8th Apr 2021 08:15
(Alliance News) - ASOS emerged as a clear winner from the pandemic shift to online shopping on Thursday, while bricks-and-mortar retailer Dunelm saw its digital offering soothe the pain of store closures.
ASOS said it delivered a strong performance in the first half of the financial year as the fast-fashion retailer continued to benefit from the online shopping craze during the Covid-19 pandemic.
For the six months to February 28, revenue increased 24% to GBP1.98 billion from GBP1.60 billion at the same time the year before and pretax profit more than tripled to GBP106.4 million from GBP30.1 million. ASOS said first half retail sales alone jumped 24% to GBP1.92 billion from GBP1.55 billion as its customer base increased by 1.5 million to 24.9 million during six months.